UNXD and Decentraland to Host the First Metaverse Fashion Week
Decentraland, a leading metaverse platform, has announced a partnership with UNXD marketplace to host a Metaverse Fashion Week (MVFW) in March 2022.
Decentraland, in collaboration with UNXD marketplace, will host its first Metaverse Fashion Week, with dozens of worldwide brands and companies, where thousands of visitors will be able to virtually experience fashion shows, listen to live music sessions, attend afterparties, and buy and wear digital goods directly from catwalk avatars. During the four-day virtual event, there will be showrooms, shops, seminars, and several activities.
Hugo (part of the newly re-branded Hugo Boss) recently announced a deal with MVFW partner Boson Protocol to allow customers to purchase physical Hugo goods in the metaverse, especially during Metaverse Fashion Week, making it one of the first brands to do so. Other brands are being kept under wraps by the organizers, but they say they include big names, luxury and emerging brands, as well as digital-first artists. Since the project's announcement in late December, Decentraland has received more interest than it can accommodate.
Virtual avatars will walk the runways, some of which will be shoppable and wearable, meaning that people in Decentraland will be able to wear the digital merchandise, and certain collections will have a real physical item.
A visitor to MVFW, for example, might purchase a digital item via an NFT and instantly wear it on their avatar; they can then sell the item or keep it and redeem the NFT to acquire the brand's physical complement. (Not all brands will have a physical component) When customers visit a virtual store, they can scan a QR code to see a realistic-looking 3D model of the item appear in their actual location at home, which they can view using their smartphone camera.
Anyone can attend MVFW, but they will need an Ethereum wallet to purchase a wearable. The majority of the events will be available to the public, but some sponsors have expressed interest in VIP access or front-row seats, which could be utilized to reward current NFT owners with special access or free digital assets. Beyond the ability to purchase, the appearance and feel are important—the stage design, soundtrack, and general ambiance are what make fashion shows special. UNXD, a high-end NFT marketplace that collaborated with Dolce & Gabbana on their NFTs, is assisting in the programming curation.
“We want to help the onboarding process and push creativity and show everyone what is possible,” says Sam Hamilton, creative director at Decentraland Foundation.
Decentraland's MVFW provides a nearly risk-free chance for businesses and designers to extend their client base and experience for themselves what all the hype about the metaverse and NFTs is all about. As digital landscapes open up new opportunities for artists, it will certainly motivate firms to experiment with new trends and fashions.
Though there is no information on which brands will be present, we anticipate huge names and large audiences. After all, according to a recent Grayscale analysis, the Metaverse has the potential to generate $1 trillion in annual revenue.